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Can You Recover Investment Losses?

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Securities Fraud Lawyer

Experienced Securities Fraud Lawyer Representing Investors Nationwide

As an investor, you may need to rely on stockbrokers and other financial advisers to provide honest information and advice. If you have been subjected to investment fraud by a stockbroker, financial planner, or con artist, we can help you pursue your losses through FINRA Dispute Resolution or in federal or state court. Securities fraud attorney David Liebrader has over 25 years of experience representing investors in all 50 states. Mr. Liebrader is based in Las Vegas, and he is licensed to practice in California and Nevada, as well as before the U.S. Supreme Court.

Holding Brokers Accountable for Investment Losses

Many securities claims are based on a practice known as churning, which is a violation of SEC Rule 15c1-7, FINRA rules, and often other securities laws. Churning happens when a broker with control over investment decisions in a customer's account excessively buys and sells securities in the account in order to generate commissions. The control over the investment decisions may be through a formal written discretionary agreement. As a customer, you may be able to spot evidence of churning by looking at frequent buys and sales that do not seem to be necessary in order to meet your investment objectives.

Unsuitability claims arise when your broker does not make appropriate investments. Brokers are supposed to investigate an investor's financial state, unique needs, investment objectives, future financial needs, and tolerance for risk. They should research investments before recommending them and make sure that an investment is suitable in light of your goals.

If a registered broker working for a registered investment firm failed to research an investment or knowingly, intentionally recommended unsuitable investments, you may have a basis to file an unsuitability claim. You will need to establish what your financial and personal situation was at the time of the investment and show that the investment was not suitable given your risk tolerance and situation and that you lost money on the investment.

Brokers have a fiduciary duty to customers when they agree to place orders on their behalf or manage client assets. If there is a fiduciary relationship between a stockbroker and a customer, the stockbroker owes the highest obligation to use loyalty, good faith, and care toward the customer. A broker will also owe a duty of best execution, and they may not place their own or a firm's interest before the customer's interest. They are supposed to execute the order at the best price available. If a brokerage firm handles client accounts in fee-based wrap accounts, they may also have a fiduciary duty under the Federal Investment Advisors Act of 1940. It may be possible to recover damages when a broker has committed a breach of fiduciary duty that has caused investment losses.

The financial exploitation of vulnerable older people is a common form of elder abuse. Since elderly people are usually beyond their earning years and have little opportunity to rebuild their retirement accounts, the losses may be substantial. Each state has its own rules regarding an older person's right of action when they have been exploited or abused. In Nevada, elder exploitation occurs when someone entrusted with an elderly person's finances deprives them of their assets or deceptively obtains control of their assets. Under NRS 41.1395, older or vulnerable individuals may bring an action for losses suffered due to exploitation, and they may be able to recover double the actual damages.

Before a note, bond, or stock may be offered or sold to the public, it needs to be registered with the SEC. Unregistered securities are those that have not been registered with the SEC. There are some exemptions to the rule regarding registration, such as when privately owned stock is issued to executives or to board members and executives. When offerings are not registered, they are known as private placements, and they are not subject to some of the laws and regulations designed to protect investors, such as disclosure requirements.

While some companies use legitimate unregistered offerings in order to raise funds, scam artists also use private placements as part of their scams. When there are promises of high returns with no risk or promises of an urgent, once-in-a-lifetime offer, you should conduct research and consult a trusted adviser. If you have been defrauded with regard to the purchase of unregistered securities, you may have grounds to sue on the basis of common-law fraud and other theories.

Discuss Your Situation With a Securities Fraud Attorney

As an investor, you may be exploited by unscrupulous brokers and firms. If you are a victim of securities fraud, you should retain a knowledgeable investment loss attorney to pursue compensation for your losses. Mr. Liebrader is an experienced securities fraud lawyer who is based in Las Vegas. He has been lead counsel in more than 1,000 cases representing people who have experienced investment losses. He has secured more than $40 million in settlements, verdicts, and judgments. Contact us at (702) 380-3131 or via our online form to set up an appointment.

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